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Abdulsamad Rabiu Reclaims Elite Status on Bloomberg’s Billionaires Index with Surging Valuations

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Abdul Samad Rabiu

Nigerian billionaire Abdulsamad Rabiu is riding high on recent surges in the valuations of his prominent companies.

The Bloomberg Billionaires Index now places the 63-year-old business magnate’s assets at $5.98 billion, making him the 403rd richest person globally.

Rabiu, in tandem with Africa’s richest man, Aliko Dangote, now boasts a combined fortune of $16.3 billion.

The visionary entrepreneur is the founder and chairman of BUA Group, a Nigerian conglomerate with diversified interests, including the second-largest cement manufacturer in Nigeria, BUA Cement, and BUA Foods, a leading player in the Nigerian food processing industry.

In a historic milestone, BUA Cement recently scaled to new heights with investor confidence driving a 12.55% share price increase over the past week to an all-time high of N105.80.

This growth corresponds to a remarkable year-on-year change of over 107%.

BUA Foods also celebrated substantial successes in its second-quarter results, boasting a spectacular 289.61% year-on-year surge in pre-tax profits, reaching N61.81 billion.

The company’s immunity to exchange rate fluctuations has further propelled it to profitability, achieving a pre-tax profit of N109.38 billion for the first half of 2023, compared to N42.702 billion during the same period last year.

The company’s profit after tax soared to N95.2 billion by June’s end in 2023, reflecting a staggering 142.24% increase from the previous year.

Alhaji Abdul Samad Rabiu, as part of his philanthropic endeavors, pledged a generous donation of N2 billion to rebuild the Central Mosque in Zaria town, Kaduna State.

Abdulsamad Rabiu’s journey from founding BUA Group in 1988 to the resounding success of his diverse business ventures showcases his enduring commitment to excellence and economic growth.

This resurgence firmly positions him as a beacon of hope and inspiration for aspiring entrepreneurs across the African continent.

The Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest individuals, celebrates Rabiu’s remarkable journey, drawing on financial market data, economic indicators, and news reports to offer a glimpse into the lives of these financial titans and their evolving fortunes.

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Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion

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Jeff Bezos

As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.

Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.

Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.

Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.

Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.

Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.

Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.

As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.

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MacKenzie Scott Sells Off $10.4 Billion Worth of Amazon Shares

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MacKenzie Scott, the former wife of Amazon founder Jeff Bezos, has sold off $10.4 billion worth of Amazon shares, constituting approximately 25% of her stake in the company.

According to a regulatory filing, Scott disposed of 65.3 million shares in Amazon.com Inc. last year, further diminishing her ownership in the tech giant.

Since her divorce from Jeff Bezos in 2019, Scott has emerged as one of the world’s most prominent philanthropists.

Despite having held around 4% of Amazon’s shares post-divorce, her charitable endeavors have significantly reduced her stake over the past few years.

Notably, Amazon remains the primary contributor to her estimated $37.6 billion net worth as reported by the Bloomberg Billionaires Index.

Scott’s remarkable generosity extends far beyond divesting her Amazon holdings.

Over the past year alone, she has donated more than $16.5 billion to a diverse array of charitable organizations, underscoring her commitment to addressing various social issues.

Through her philanthropic efforts, Scott aims to make a tangible difference in the lives of individuals and communities in need.

In 2019, Scott affirmed her dedication to philanthropy by signing the Giving Pledge, a commitment undertaken by billionaires to donate the majority of their wealth to charitable causes.

Her approach to philanthropy reflects a deliberate and thoughtful strategy aimed at maximizing positive impact while advocating for social change.

While Scott remains steadfast in her philanthropic mission, Amazon founder Jeff Bezos, whose net worth stands at $184.1 billion, has yet to formally commit to the Giving Pledge.

However, he has expressed his intention to give away a significant portion of his wealth in the future, echoing Scott’s altruistic endeavors.

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Femi Otedola Invests N6 Billion in Dangote Cement

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Femi Otedola

Billion Femi Otedola has reportedly acquired shares worth N6 billion in Dangote Cement Plc, according to a Premium Times report.

Citing an anonymous source, Otedola purchased the shares in his name.

Dangote Cement Plc is the largest cement manufacturer in Sub-Saharan Africa and toppled Airtel Africa Plc as the most capitalised listed company in Nigeria.

In the last year, Dangote Cement has returned 81.4 percent with 17.04 billion outstanding shares.

Mr Otedola holds the majority stake in the power-generating company Geregu Power Plc, whose market value currently stands at N1.2 trillion.

In 2021, the billionaire purchased a substantial stake in FBN Holdings, the parent company of Nigeria’s oldest commercial bank First Bank.

Presently, the billionaire holds a 5.57 percent stake in FBN Holdings, where he is the chair of the board of directors, according to the lender’s 2022 audited earnings report.

FBN Holdings recently surpassed the N1 trillion price mark in market value before shedding 2.53 percent on Thursday to close at N967.4 billion.

In April 2022, Mr Otedola purchased 2.6 billion or 6.3 percent shares of Transnational Corporation of Nigeria to become the top shareholder of the conglomerate.

However, Tony Elumelu, the biggest shareholder of United Bank for Africa quickly struck a secret deal with the billionaire to reclaim his ownership in the company and has since doubled down on acquisition to avoid a similar thing in the future.

Elumelu’s stake in the company rose from 2.07 percent to 25.9 percent to retain his place on the top spot of Transcorp’s ownership ladder.

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